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Oct 30, 2012
10/12
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of freddie mac i had 5,000 or 6,000 employees. it looks like the entire market is going away from me. do i change or not? i think that the c.e.o.'s, the people running the company, did make some changes. and we each can make our what we would have done in that position. but i would at least argue it is a hard call. it would not be easy to be unchanged in terms of your requirements on down payment, underwriting standards and have that market share go completely away like that. this is another indication of, i believe, whether or not freddie mac was the cause of the financial crisis. we are looking at mortgage default rates over time. the did he ever nation of default is 90 days delinquent. you can see that at freddie mac and fannie mae at the worst our delinquency rate got up in the to 5% zone. for the overall mortgage market in our country it got to be 10%. for the subprime sector of the market it got up to be 25%. so, again while i believe that freddie mac and fannie mae did lower their standards, look at the resulting delinquenc
of freddie mac i had 5,000 or 6,000 employees. it looks like the entire market is going away from me. do i change or not? i think that the c.e.o.'s, the people running the company, did make some changes. and we each can make our what we would have done in that position. but i would at least argue it is a hard call. it would not be easy to be unchanged in terms of your requirements on down payment, underwriting standards and have that market share go completely away like that. this is another...
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Oct 31, 2012
10/12
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. >> until a few months ago, charles haldeman of freddie mac. he began the job in 2096 months after the company was taken over by the federal government. mr. haldeman spoke about the housing market and financial regulations at the john f. kennedy school of government. this is just under an hour. >> i'm a member of the faculty here at the kennedy school at a romani school of business and government. it's a pleasure to welcome all of you to this year's lecture, which is funded by nasd, which is now in the, the private broker of the u.s. industry. the focus is on financial regulation and each year we have had a leading public official responsible in some ways for u.s. regulation. this year, our speaker is a tiny bit of a stretch, but not really much at all. ed haldeman was ceo of freddie mac from a 2009 to just a few months ago. while in that role, ed was not really a formal regulator. he was responsible for running a very large public financial institution. freddie mac and its sibling, fannie mae are what are called government-sponsored entities,
. >> until a few months ago, charles haldeman of freddie mac. he began the job in 2096 months after the company was taken over by the federal government. mr. haldeman spoke about the housing market and financial regulations at the john f. kennedy school of government. this is just under an hour. >> i'm a member of the faculty here at the kennedy school at a romani school of business and government. it's a pleasure to welcome all of you to this year's lecture, which is funded by...
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Oct 31, 2012
10/12
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is the ceo of freddie mac at 5000 or 6000 employees. it looks like the entire market is going away from me. do i change not? i think the ceos, people running the company did make some changes and we each can make our judgment about what we would have done in that position, but at least argue it's a hard call. it would not be easy to be unchanged in terms of requirements on underwriting standards and have the market share go completely away like that. this is another indication of what i believe whether or not freddie was the cause of the financial crisis. and here we take a look at mortgage default rates over time the definition of default is 90 days to link went. you can see that i freddie and fannie at the wordstar delinquency rates cut up into the four to 5% down. for the overall market in our country, it got to be 10%. the subprime sector of the market he got into the 25%. so again, while i believe freddie and feeney did lower their standards, resulting delinquency rate, you can see a big difference between the way freddie and fanni
is the ceo of freddie mac at 5000 or 6000 employees. it looks like the entire market is going away from me. do i change not? i think the ceos, people running the company did make some changes and we each can make our judgment about what we would have done in that position, but at least argue it's a hard call. it would not be easy to be unchanged in terms of requirements on underwriting standards and have the market share go completely away like that. this is another indication of what i believe...
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Oct 28, 2012
10/12
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the private sector didn't save bear sterns or fannie mae or freddie mac. the government had to step in . fannie mae and freddie mac were government guaranteed. >> can we focus here? we have to save the american companies to keep them american and now chrysler is owned by fiat. >> the president had his own problem with reality. i am not for balldentities or guarantee. instead of things done for economic purposes they are done for politica purpose. look how tax paters are hose the stock is down and equities in general are up. and there is a myth if gm shut down and never open all of the jobs would have lost. capitol in gm , be reallocate many other jobs would be created in the economy. they weaken automakerings. out of bankruptcy they would be owned by car makers that knew how to make a profit. >> thank you very much. worker burnout part of the economic fall out. sounds right, but it is wrong. silver lining on hard working americans on cash in texas taking on a united nations backed group trying to monitor the elections in the u.s.. somesome calling to cut o
the private sector didn't save bear sterns or fannie mae or freddie mac. the government had to step in . fannie mae and freddie mac were government guaranteed. >> can we focus here? we have to save the american companies to keep them american and now chrysler is owned by fiat. >> the president had his own problem with reality. i am not for balldentities or guarantee. instead of things done for economic purposes they are done for politica purpose. look how tax paters are hose the...
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mac. according to a complaint filed in manhattan federal court countrywide in two thousand and seven invented bank of america continued a scheme known as the hustle to speed up processing a residential home loan. to the nine hundred seventy the to do the hustle again that was the name of that movie and john travolta was walking around brooklyn with a can of paint and the beginning of a saturday night fever oh yeah and that was all about boston wasn't stagflation of the same days but. so operating under the motto loans move forward never backward mortgage executives tried to eliminate tollgates designed to ensure that loans were sound and not tainted by fraud the government said so this led to a defect rate that approach forty percent roughly nine times the industry norm max but countrywide concealed this from fannie mae and freddie mac. . and even awarded bonuses to staff to rebut the problems being found so you would think this is a criminal case outright criminal case where these guys sh
mac. according to a complaint filed in manhattan federal court countrywide in two thousand and seven invented bank of america continued a scheme known as the hustle to speed up processing a residential home loan. to the nine hundred seventy the to do the hustle again that was the name of that movie and john travolta was walking around brooklyn with a can of paint and the beginning of a saturday night fever oh yeah and that was all about boston wasn't stagflation of the same days but. so...
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mac. as well is the federal reserve's policies which are sort of propping up housing prices so we can actually lower housing prices in this country everybody seems to want housing prices to go up as if somehow that makes them more affordable what makes a product more affordable is if you have lower price and so you're one of the reasons why you have all these vacant homes that aren't even on the market creating this illusion that we have you know a low amounts of vailable housing and we should be building more homes it's because housing prices have been propped up from where they really should be falling too and we're not out of the housing bubble yet i know it's several years since the housing bubble started to collapse but we're still at inflated housing prices so one way to get these homes out of sort of the vacancy status and into the hands of people like you john was talking about people who want to own these homes is to pull back federal policies that are propping up prices so that t
mac. as well is the federal reserve's policies which are sort of propping up housing prices so we can actually lower housing prices in this country everybody seems to want housing prices to go up as if somehow that makes them more affordable what makes a product more affordable is if you have lower price and so you're one of the reasons why you have all these vacant homes that aren't even on the market creating this illusion that we have you know a low amounts of vailable housing and we should...
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Oct 28, 2012
10/12
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mac. we don't need this, i needs to be settled by iividual banks not by the federal government. >> brenda: okay. steve isn't this kind of the price we have to pay to not have another bubble and another burst bubble? >> absolutely. mortgage lending standards should be tough. you should have to be fully capitalized to offer mortgages and standards for the borrowers should be high and standards on the derivatives should be tough so we don't have it happen again. and other one thing i disagree wit jim on, where is the money going to pay for mortgages? it's being saved right now. we have a positive savings rate, 4 or 5%, 3 trillion in savings leads to an export economy. >> we've got to move on here, toby, what's it going to do to the economy? >> if they come in, they're draconian and my point the government should not be in the private mortge business, if there's money to be made lending to gary and me and our house that is we can't refinance because, you know, we have different incomes, then t
mac. we don't need this, i needs to be settled by iividual banks not by the federal government. >> brenda: okay. steve isn't this kind of the price we have to pay to not have another bubble and another burst bubble? >> absolutely. mortgage lending standards should be tough. you should have to be fully capitalized to offer mortgages and standards for the borrowers should be high and standards on the derivatives should be tough so we don't have it happen again. and other one thing i...
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Oct 24, 2012
10/12
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federal prosecutors suing bank of america for allegedly scheming to defraud fannie may and freddie mac. scott cohn with the latest details. >> it is a $1 billion civil suit over alleged mortgage fraud at country wide. the suit says countrywide became so intent on churning out mortgages and selling them to fannie may and freddie mac that it created a program it called operation hustle, eliminating controls to stop fraud just so it could sell more loans as the housing mark was collapsing. later when the loans went bad, countrywide wouldn't buy them back. the bank of america ceo promised to clean up the mess. here he is with maria in 2010. >> we're trying to put some of the issues of the past behind us, whether it's cleaning up doesn countrywide or merrill lynch. litigations are a part of life. >> they've already paid a $3 billion settlement with fannie may and freddie mac last year. they have not responded to our request for comment. >> take a look at how some of the biggest bangs aks are measu up for the quarter. all beating street expectations on earnings per share. if you look at retu
federal prosecutors suing bank of america for allegedly scheming to defraud fannie may and freddie mac. scott cohn with the latest details. >> it is a $1 billion civil suit over alleged mortgage fraud at country wide. the suit says countrywide became so intent on churning out mortgages and selling them to fannie may and freddie mac that it created a program it called operation hustle, eliminating controls to stop fraud just so it could sell more loans as the housing mark was collapsing....
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Oct 18, 2012
10/12
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that is what you will pay on the 30-year fixed-rate mortgage according to freddie mac. where are we? what is next? where are we? jobless claims. show me the script. i'm just looking at picture of me. is the script up yet? i can read it. the big stories of the day. latest reading on jobless claims. i look good. 388,000 lousy number, it is that big. i am blushing underneath the makeup. it is up from last week's disputed number which was revised up by 3,000. get me out of this. tracy: the four week average is up. 362,000 is close to the 400,000 mark which puts us back into recession. no one wants to see that especially democrats coming up on an election but it comes back to the notion we can't change the numbers and the american people do not want to deal with that anymore and extended benefits also up 28,000. stuart: the president jumped on the rose the number and said we are heading in the right direction. maybe he will change his tune. tracy: like standing on the scale and putting your hand on the wall. it makes you happy but not the truth. stuart: the fiscal cliff livi
that is what you will pay on the 30-year fixed-rate mortgage according to freddie mac. where are we? what is next? where are we? jobless claims. show me the script. i'm just looking at picture of me. is the script up yet? i can read it. the big stories of the day. latest reading on jobless claims. i look good. 388,000 lousy number, it is that big. i am blushing underneath the makeup. it is up from last week's disputed number which was revised up by 3,000. get me out of this. tracy: the four...
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right now as you previously pointed out fannie mae and freddie mac. . pretty much control the entire mortgage market they buyer guarantee nine out of ten home loans made in the united states right now and what they do with those loans securitized them they package them up in mortgage bonds guarantee them they promise to read if there's a fault they promised to to repay the investor that buys them in their profit up the housing market i mean they are pretty much the housing market until somebody comes up with a better idea or a better system i think securitization is here to stay and realistically. realistically finian for his role in the housing market even though you know they were bailed out banks there's a hundred forty billion dollars i think realistically they're here to stay as well as the government the congress has not shown any real enthusiasm for. figuring out what to do next certainly very interesting what we're seeing happen here just a few years ago once seen as one of the greatest problems in this economic crisis mortgage lending is certai
right now as you previously pointed out fannie mae and freddie mac. . pretty much control the entire mortgage market they buyer guarantee nine out of ten home loans made in the united states right now and what they do with those loans securitized them they package them up in mortgage bonds guarantee them they promise to read if there's a fault they promised to to repay the investor that buys them in their profit up the housing market i mean they are pretty much the housing market until somebody...
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mac. and what they do is they collaborate with wall street and many of the ways that you're complaining about the the fannie mae and freddie mac. programs right now of selling homes to investment banks is that inheritable i neither one of neither one of us supports that idea so evidently we must lived in different countries because my recollection of what happened and i was right in the middle of observing all this as perhaps like you. was that fannie and freddie actually lost tremendous market share to the subprime market which was selling to wall street and they went from being two to two point seven trillion dollars agencies. assets on the management of the securitized portfolio to one point seven they lost a trillion dollars in three years to the private sector market so you're not talking about getting rid of the market are you not talking about holding the market accountable or are they you know you're actually saying i'll bring those guys that can live now by the properties that are
mac. and what they do is they collaborate with wall street and many of the ways that you're complaining about the the fannie mae and freddie mac. programs right now of selling homes to investment banks is that inheritable i neither one of neither one of us supports that idea so evidently we must lived in different countries because my recollection of what happened and i was right in the middle of observing all this as perhaps like you. was that fannie and freddie actually lost tremendous market...
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Oct 24, 2012
10/12
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mac. here to explain his liz macdonald. liz: the first time the department of justice has brought a suit of this time to recover losses against fannie mae and freddie mac. let's get to the details. here's what the manhattan u.s. attorney's saying about this lawsuit against bank of america having to do with countrywide loans. reckless mortgage practices spectacularly brazen and taxpayers have the bill. the department of justice basically seeking maximum damage and penalties over a loan program run by countrywide. countrywide originated $1.3 trillion of mortgages between 2005-2007 and represented a third of fannie may's book in 2007. the lawsuit imply the essentially that countrywide helped push them into the arms of u.s. taxpayers with their very reckless practices that remove the underwriters and swapped in loan processors who were paid bonuses based on volume, based on challenging quality-control of defective practice. lori: the justice department is point mr. j almost a single finger at
mac. here to explain his liz macdonald. liz: the first time the department of justice has brought a suit of this time to recover losses against fannie mae and freddie mac. let's get to the details. here's what the manhattan u.s. attorney's saying about this lawsuit against bank of america having to do with countrywide loans. reckless mortgage practices spectacularly brazen and taxpayers have the bill. the department of justice basically seeking maximum damage and penalties over a loan program...
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Oct 25, 2012
10/12
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they sold the loans fraudulent or otherwise defective to fannie mae and freddie mac which got stuck in $1 billion in losses and foreclosures when the loans defaulted. b of a says it has been working with fanny and freddie to buy back the mortgages it is responsible for. bank of america has stepped up and acted responsibly to resolve mortgage matters to claim we have purchased loans from fannie mae is simply false. they scant expect to claim losses that were caused by the economic downturn. we could see this play out in court. jp morgan chase are facing similar accusations. >> diane macedo. thank you. >>> 48 after the hour. not once not twice but a third one is the charm for a robber who couldn't stay away from one particular convenience store. >> you have seen the star studded political ads but does hollywood really sway the voters? let's check in with brian kilmeade and see what's coming up on fox and friends. >> as if you didn't check the rundown already and don't know yourself. thank you for coming along already. the investigation continues to unwind we have more e-mails. they are c
they sold the loans fraudulent or otherwise defective to fannie mae and freddie mac which got stuck in $1 billion in losses and foreclosures when the loans defaulted. b of a says it has been working with fanny and freddie to buy back the mortgages it is responsible for. bank of america has stepped up and acted responsibly to resolve mortgage matters to claim we have purchased loans from fannie mae is simply false. they scant expect to claim losses that were caused by the economic downturn. we...
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Oct 11, 2012
10/12
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freddie mac 30 year fixed-rate mortgage 3.39%. that is up from 3.36. i have lived in america 40 years and never thought i would see a 30-year fixed-rate loan offered for 3.39% but today it is. check the big board we are 30 points hire for the dow industrial average. here is the thursday morning company. sandra smith is here with david asman and nicole petallides on the floor of the stock exchange. let's get to this. let's talk housing. 339. the fed says housing is helping the overall economy. foreclosure is down to the lowest level since 2007. i say this is the best time to buy the best investment and that is a single family home in a good location and you say? sandra: i agree with you but we are not seeing robust growth in the housing market and i agree with jack welch that if we are seeing unemployment dropping by 0.3% to 7.8% in that period of time we should see the economy growing at breakneck speed. we should see the housing market picking up blowing us out of the water with record low interest rates. we are not seeing that. stuart: it is an impro
freddie mac 30 year fixed-rate mortgage 3.39%. that is up from 3.36. i have lived in america 40 years and never thought i would see a 30-year fixed-rate loan offered for 3.39% but today it is. check the big board we are 30 points hire for the dow industrial average. here is the thursday morning company. sandra smith is here with david asman and nicole petallides on the floor of the stock exchange. let's get to this. let's talk housing. 339. the fed says housing is helping the overall economy....
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Oct 25, 2012
10/12
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mae and freddie mac are connected to the government. a prosecutor said the bank's program, even called the hustle, and hustled taxpayers out of a billion dollars. bank of america is directly denying some of these allegations and also saying it has been responsible and it has changed the way it does business on many mortgage points to fix a lot of the problems there. >>> are you feeling a little better when you see the gas station signs, maybe when you're driving this morning you'll take a notice. they have been falling. down 14 cents just from last week. this morning's national average is $3.60 says aaa. even if you're not down to that, you're still probably seeing gas prices float down a little bit. should be looking a little better. natasha you mentioned $10 less to fill up your account. >> almost ten. it was 50s last week, this week it was 40-something. i'm grateful for that. let's get over to bob van dillen with an air travel update. >> a couple storms we're watching. number one is hurricane sandy. also powerful through the midwest.
mae and freddie mac are connected to the government. a prosecutor said the bank's program, even called the hustle, and hustled taxpayers out of a billion dollars. bank of america is directly denying some of these allegations and also saying it has been responsible and it has changed the way it does business on many mortgage points to fix a lot of the problems there. >>> are you feeling a little better when you see the gas station signs, maybe when you're driving this morning you'll...
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Oct 28, 2012
10/12
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and ann henney is producer and director of the forthcoming film "freddie mac "-- of "frack nation." welcome. let me ask you, simply and succinctly, what's the problem with fracking? >> well, there's serious scientific questions about what its impact is on the environment in three areas in terms of its effect on ground water deep below the surface. the wastewater that's produced and where that goes, and emissions and air pollution that results from the drilling all of which can lead to, it seems, it lead to substantial health concerns and impacts. >> so let's take the first one then. and this is basically the fear that you contaminate the water -- drinking water reservoirs. anne, what is your research telling you about that? >> the refracking in the united states since 1947, so it's not a new method of any kind. and i suppose the quote from lisa jackson, the head of the epa, who was on record as saying according to her, she has no knowledge of one case of water contamination. if you have a situation -- we have a situation right now in the united states where there are millions of fre
and ann henney is producer and director of the forthcoming film "freddie mac "-- of "frack nation." welcome. let me ask you, simply and succinctly, what's the problem with fracking? >> well, there's serious scientific questions about what its impact is on the environment in three areas in terms of its effect on ground water deep below the surface. the wastewater that's produced and where that goes, and emissions and air pollution that results from the drilling all of...
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Oct 24, 2012
10/12
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the suit says the bank would not buy the faud lent mortgages back from fannie mae and freddie mac essentially leaving the taxpayers stuck with them. the suit notes in 201, bank the america's ceo was quoted as saying, at the end of the day, we'll pay for the things countrywide did. now the justice department is demanding b of a do just that, it is a $1 billion civil suit. we have reached out to bank of america for a comment. we're still awaiting to hear back. of course this whole idea of suing a bank over the sins of a former bank has been criticized by house financial services committee ranking member barney frank. barney frank will be on the "closing bell" today at 3:00 eastern time and we'll hear what he has to say. >> he's always colorful. thank you, scott, very much. >>> warren buffett speaking on cnbc earlier today saying housing is picking up. take a listen. >> in the united states, actually residential housing is picking up. that will have a significant effect. it hasn't got ton any big level yet. >> but his comments are being backed up by new data today showing new home sales jumped a
the suit says the bank would not buy the faud lent mortgages back from fannie mae and freddie mac essentially leaving the taxpayers stuck with them. the suit notes in 201, bank the america's ceo was quoted as saying, at the end of the day, we'll pay for the things countrywide did. now the justice department is demanding b of a do just that, it is a $1 billion civil suit. we have reached out to bank of america for a comment. we're still awaiting to hear back. of course this whole idea of suing a...
SFGTV2: San Francisco Government Television
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Oct 11, 2012
10/12
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this is part of what brought on the economic crisis at the federal level, fannie mae and freddie mac giving out home loans to people who couldn't afford to buy and later had their houses foreclosed. we don't know what's going to happen in the housing market for the next 30 years. i think it's foolish to set aside increasing set amounts of money for the next 3 decades when we know right now that there's thousands of people living on the streets. why not just build as many affordable units now as possible and do that by getting government out of the way with all its red tape and regulations and taxes and union work rules that increase the cost of housing. that would be a better way to get affordable housing, not bringing back this redevelopment agency with its legacy of driving african americans out of the fillmore and they had slated more than half the bay area for redevelopment before they were shut down. >> anything you'd like to add, peter? >> there's a number of assertions from my opponent that are based in a misunderstanding how affordable housing works in san francisco in this p
this is part of what brought on the economic crisis at the federal level, fannie mae and freddie mac giving out home loans to people who couldn't afford to buy and later had their houses foreclosed. we don't know what's going to happen in the housing market for the next 30 years. i think it's foolish to set aside increasing set amounts of money for the next 3 decades when we know right now that there's thousands of people living on the streets. why not just build as many affordable units now as...
SFGTV2: San Francisco Government Television
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Oct 12, 2012
10/12
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fannie mae, freddie mac will not loan on this anymore. >> thank you. >> that leads into, well, i have another question. it is worse situation where the financing has been done and you are legally the owner for ever and ever, my next question is going to be the staff. what difference does it make whether it is legal or not legal? to the city. >> if he had not brought it in, and had financing. he could've done whatever. the building department. i'm talking about additional work. if it looks a little funky, he wants to do improvements, goes to the billing department; the billing department says, oh well, this is supposed to be a two unit building. >> if you came in for a permit and it showed one kitchen, the planning department would say you're supposed to have two, and would make him go through this process. >> the nail on the head. this property would appear to be in violation of planning code today and its application, should be approved would take the project down one path the remedy that violation. there is a problem with the condition of the property vis a vis the planning code. >>
fannie mae, freddie mac will not loan on this anymore. >> thank you. >> that leads into, well, i have another question. it is worse situation where the financing has been done and you are legally the owner for ever and ever, my next question is going to be the staff. what difference does it make whether it is legal or not legal? to the city. >> if he had not brought it in, and had financing. he could've done whatever. the building department. i'm talking about additional work....
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Oct 25, 2012
10/12
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mac which are now owned by the government. >>> former goldman sachs director was sentenced to two years in prison yesterday for insider trading. >>> american airlines says it plans to hire 2500 pilots over the next five years as it ramps up international flights. >>> new census data finds more young adults are leaving the nest and moving out of state. americans between the ages of 25 and 29 showed the most mobility in 13 years as they strike out on their own to test the job market in big cities. >>> all eyes will be on microsoft for its big windows 8 launch in new york this afternoon. >>> and it's a hacker's dream come true. last year's top three most commonly used passwords are still on top this year. incredibly number one is still just the word password. two and three are the numbers 1 through 6 and 1 through 8. a few newcomers. jesus, ninja and mustang. we're giving away bill karins secrets. >>> quick, what do elizabeth taylor, bob marley and peanuts creator bob schultz have. your sports headlines are straight ahead. >>> and all the ingredients are coming together for an historic wea
mac which are now owned by the government. >>> former goldman sachs director was sentenced to two years in prison yesterday for insider trading. >>> american airlines says it plans to hire 2500 pilots over the next five years as it ramps up international flights. >>> new census data finds more young adults are leaving the nest and moving out of state. americans between the ages of 25 and 29 showed the most mobility in 13 years as they strike out on their own to test...
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goldman sacss, freddie mac, the imf, the american bankers association, u.s. department of justice just to name a few. for people who work at those places and who work in the k street area, you know what you're going to be dealing with. these are the same kinds of demonstrations you saw one year ago. it was exactly one year ago today that occupy d.c. protesters first started camping out in mcpherson square. remember, they lived there for almost four months before finally getting kicked out by u.s. park police in february. now expect to see them back for what they're calling a full week of resistance starting with all these protests on k street this morning. and occupy k street's twitter feed retweeted a picture last night from a user called occupy eye. here's the picture, the caption reading "the finishing touches are being put on the one-year anniversary. join us tomorrow 7:00 a.m. when it all kicks off. you can expect to see all the signs and posters. nobody out here just yet. no police just yet but of course d.c. police, u.s. park police well aware that the
goldman sacss, freddie mac, the imf, the american bankers association, u.s. department of justice just to name a few. for people who work at those places and who work in the k street area, you know what you're going to be dealing with. these are the same kinds of demonstrations you saw one year ago. it was exactly one year ago today that occupy d.c. protesters first started camping out in mcpherson square. remember, they lived there for almost four months before finally getting kicked out by...
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Oct 10, 2012
10/12
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freddie mac ran exclusive numbers for us and puts it at $7.1 billion in re-fi savings just through june of this year. that's given lower rates and higher volumes thanks to the government's expanded re-fi program for underwater borrowers. still according to freddie mac, 81% of re-fiers even kept the same loan amount or lowered their principal balance. that's the highest level in the 27-year history of that survey. i asked mortgage and lender brokerages what that mean. "a lot of borrowers are putting the extra cash directly into savings plans. others are paying down the loan." another analyst said, "many are using the lower rates to reduce the term of the loan, again paying off the principal faster." and, "re-fi to a lower payment but they keep making the previous payment in order to pay down the loan faster." yes, some are doing home improvements but not at the rate we saw during the housing boom when cash-out was king. home depot downgraded by oppenheimer today. an yesterday owens-corning cut its full-year forecast. >> thank you very much. >>> it is worth taking another look at that 10-
freddie mac ran exclusive numbers for us and puts it at $7.1 billion in re-fi savings just through june of this year. that's given lower rates and higher volumes thanks to the government's expanded re-fi program for underwater borrowers. still according to freddie mac, 81% of re-fiers even kept the same loan amount or lowered their principal balance. that's the highest level in the 27-year history of that survey. i asked mortgage and lender brokerages what that mean. "a lot of borrowers...
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Oct 24, 2012
10/12
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mac. the top federal prosecutor in manhattan accuses countrywide of knowingly handing out moderns to underqualified borrowers -- mortgages to underqualified borrowers which they later defaulted on. >>> okay, drivers, you contributed to some $85 million collected from d.c. speed cameras. here's a mapof the top moneymakers, a nearly 10-mile stretch bed.c. and maryland accounting for more than 1/4 of the tickets. our bruce johnson spent the day with fed up drivers caught on camera who are fed up with those fines. >> it's a money issue. >> $300. >> i think the fees are outrageous. >> reporter: it's money most people say they could ill afford to lose in these tough economic times. >> 50, 150, and 100 this one's 50. i can't afford to pay them today. >> reporter: this speed camera in the 600 block of missouri avenue northwest issued 31,670 speeding tickets last fiscal year. this is only the seventh most productive camera. if you remember nothing else, you might want to keep in mind this is the no
mac. the top federal prosecutor in manhattan accuses countrywide of knowingly handing out moderns to underqualified borrowers -- mortgages to underqualified borrowers which they later defaulted on. >>> okay, drivers, you contributed to some $85 million collected from d.c. speed cameras. here's a mapof the top moneymakers, a nearly 10-mile stretch bed.c. and maryland accounting for more than 1/4 of the tickets. our bruce johnson spent the day with fed up drivers caught on camera who are...
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Oct 25, 2012
10/12
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mac, which are now owned by the government. >>> former goldman sachs director gupta was sentenced to two years. >>> american airlines will hire 200 pilots. >>> americans between the ages of 25 and 29 showed the most mobility in 13 years as they strike out on their own to test the job market in big cities. >>> all eyes are going to be on microsoft for its big windows 8 launch in new york this afternoon. >>> and it's a hacker's dream come true. last year's top three most commonly used passwords are still on top this year. incredibly, if the password" is still number one. two and three are the numbers one through six and one through eight. a few newcomers, jesus, ninja and mustang. >>> what do bob marley, elizabeth taylor and peanuts creator charles schultz have in common? >>> baseball's best pitcher is shelled by the newest mr. october. sports is straight ahead. you're watching "first look" on msnbc. [ man ] ring ring... progresso this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the so
mac, which are now owned by the government. >>> former goldman sachs director gupta was sentenced to two years. >>> american airlines will hire 200 pilots. >>> americans between the ages of 25 and 29 showed the most mobility in 13 years as they strike out on their own to test the job market in big cities. >>> all eyes are going to be on microsoft for its big windows 8 launch in new york this afternoon. >>> and it's a hacker's dream come true. last...
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Oct 25, 2012
10/12
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mac. >>> let's get a look at the markets. cnbc's julia chatterly is live this morning in london. fill us in on this. >> thanks very much, willie. as you said, we're talking about mortgage loans that were originated by countrywide, the mortgage broker bank of america bought back in 2008. they ultimately ended up default pentagon. th it refers to loans sold to fannie mae and sfem ffreddie ma. we're talking about direct losses to taxpayers. accused under a process allegedly called "hssl," high speed swim lane. they never moved backwards reducing loan criteria and cutting out some steps that allowed them to get mortgage loans originated far more quickly. bank of america refute the claim they failed to buy back some bad debts. they say they acted responsibly to address some legacy mortgage issues. yes, we have to point out the fact that it's a possibility that they could ultimately win this lawsuit. perhaps the bigger issue is that we could ultimately see more lawsuits like this because it's hardly likely it will be unique just to
mac. >>> let's get a look at the markets. cnbc's julia chatterly is live this morning in london. fill us in on this. >> thanks very much, willie. as you said, we're talking about mortgage loans that were originated by countrywide, the mortgage broker bank of america bought back in 2008. they ultimately ended up default pentagon. th it refers to loans sold to fannie mae and sfem ffreddie ma. we're talking about direct losses to taxpayers. accused under a process allegedly called...
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Oct 24, 2012
10/12
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KPIX
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those bad loans were sold to fannie mae and freddie mac which were left to pay for the loans when they defaulted. >>> it could be good news for the 30 million americans dealing with debt collectors. the government is getting involved. the consumer financial protection bureau will start overseeing debt collection companies in january. the concern, harsh tactics that are harassing and intimidating. before this, collectors could be punished for violating federal consumer laws. but the feds couldn't force companies to change their routine business practices. >>> okay. so you buy a new car and expect it to perform perfectly, right? that wasn't case for an east bay car owner. cbs 5 consumerwatch reporter julie watts now picks up the story. >> reporter: yeah, liz. it's one thing to have a problem with the car you have been driving for a couple of years but we spoke with the owner of a brand-new little mini with a big problem. >> well, it never really felt right to me from the get-go. >> reporter: you could say drew's relationship with his new mini got off to a rough start. >> i would have tro
those bad loans were sold to fannie mae and freddie mac which were left to pay for the loans when they defaulted. >>> it could be good news for the 30 million americans dealing with debt collectors. the government is getting involved. the consumer financial protection bureau will start overseeing debt collection companies in january. the concern, harsh tactics that are harassing and intimidating. before this, collectors could be punished for violating federal consumer laws. but the...
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Oct 5, 2012
10/12
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mortgage rates decline for a second consecutive week, mortgage buyer freddie mac said on thursday te 30 year loan fell to three and 1/3 percent. the average 15 year fixed-rate mortgage was down to 2.69%. the drop in mortgage rates has been fueled by the federal reserve buying mortgage bonds. to strengthen housing recovery. samsung is reporting a record quarterly profit. strong sales of smart phones and high end televisions drove profits to $7.3 billion. that's 21% higher from the second quarter. analysts expect samsung's profits to decrease in the coming quarters due to a rise in market spending. and facebook says it now has 1 billion monthly users. that's double the 500 million users reached two years ago and nearly half of the total number of internet users in the world. but facebook has growing competition with services from google and twitter and its stock jack, you're a little boring. boring. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and a
mortgage rates decline for a second consecutive week, mortgage buyer freddie mac said on thursday te 30 year loan fell to three and 1/3 percent. the average 15 year fixed-rate mortgage was down to 2.69%. the drop in mortgage rates has been fueled by the federal reserve buying mortgage bonds. to strengthen housing recovery. samsung is reporting a record quarterly profit. strong sales of smart phones and high end televisions drove profits to $7.3 billion. that's 21% higher from the second...